New Central Bank measures to support exporters
The central bank made new decisions to facilitate the return of export currencies.
In line with accompanying and assisting economic operators and exporters in the year of production, support and removal of obstacles, the Central Bank notified the resolution of the recent meeting of the committee on the subject of Article (2) on 28 January 1400 for implementation to the relevant executive bodies.
According to the public relations report of the Central Bank, the summary of the aforementioned resolution is as follows:
1- Exporters destined for the countries of Iraq and Afghanistan between April 22, 2017 and August 16, 2017, who have not yet registered their export license information in the comprehensive trade system, will have until the end of 1400 to register the information in the comprehensive system. do business
2- The other exporters of 2017, except for the exporters mentioned in the mentioned paragraph (paragraph 1), were given a deadline until the end of this year to refer to the Trade Development Organization and submit an application along with the documents and with the approval of the relevant committee, regarding the promotion Accelerate the return of the currency to the economic cycle.
3- Exporters who sold their export goods in Rials to countries other than Iraq and Afghanistan between April 22, 2017 and August 16, 2017, can take foreign exchange action after submitting documents to the secretariat of the committee with the approval of the committee and recording the information. sell their rials in the comprehensive trade system, in accordance with the registration, to improve the ratio of fulfilling their obligations.
4- The exporters of the years 1398 and 1399, until the end of 1400, are allowed to speed up and act in order to increase the percentage of currency return to the economic cycle with one or a combination of various determined methods and to remove the relevant restrictions.
5- Exporters with foreign exchange commitments in 2017 who have registered orders before the notification of the list of goods priorities of the Ministry of Security for import versus export, if they submit the request and documents to the Secretariat of the Foreign Exchange Action Committee located in the Trade Development Organization and with the approval of the committee, are allowed to fulfill foreign exchange obligations from the place of export of the mentioned year up to the amount of unfulfilled foreign exchange obligations of 2017.
6- In order to solve the problems of exporters with unfulfilled foreign exchange obligations of less than five thousand euros, this group of exporters are exempt from paying foreign exchange obligations up to the mentioned amount until the date of notification of this resolution (January 28, 1400).
7- Riyal sale of goods by exporters to Iraq for the purpose of rebuilding the Abatats (the party to the contract of the headquarters for the reconstruction of the Abatats or the companies approved by the headquarters) to the amount approved by the Abatat Headquarters and the Foreign Exchange Action Committee by registering the relevant information in the comprehensive trade system and taking measures Necessary, it is included in the settlement of export foreign exchange obligations.
8- In cases where the transfer and sale of export license to importers did not result in currency transfer and import, after raising the issue in the Foreign Exchange Action Committee, confirming it and notifying the Tax Affairs Organization in order to take appropriate measures, in return for creating an obligation The corresponding currency for the exporter is deducted from the foreign currency obligations of the importer.
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